Most UK employees are paid on a regular payroll schedule. The most popular are monthly, fortnightly/bi-weekly and weekly – but each has their own complications, advantages and disadvantages.
In this blog, we take a look at some of the employee benefits from employers running a weekly payroll.
The most common payroll routines companies go for are monthly, twice per month or every two weeks. However, with the increase in hourly workers, the demand for paying employees weekly is rising.
Especially with the ongoing cost-of-living crisis, workers are starting to feel the pinch while waiting for their pay at the end of the month and more requests are being made to move to weekly pay.
Weekly Payroll Benefits
There are many benefits to the employer as well as the employees when using a weekly payroll system.
A weekly payroll system ensures flexibility. For instance, if an employee has an hourly job and they work 30 hours one week and 20 hours the next, it’s easier to input and alter their pay each week. This flexibility allows for quick amendments and for payroll systems to be managed more efficiently.
As well as flexibility, an added benefit to weekly pay is transparency. When pay arrives in workers’ bank accounts each week, they see what their hard work is going towards and get the benefits sooner. Employees won’t have to keep coming to work every day and waiting until the end of the month before they can feel appreciated and start spending what they have worked for.
There are many ways to improve employee wellbeing but weekly pay is a key one. Paying employees weekly could take some of the strain away from budgeting until the end of the month. If you pay employees weekly, they would be able to acknowledge their weekly spending patterns and budget for each week rather than hoping they’ll have enough money to last the month.
With the cost-of-living crisis still in full effect, giving employees flexibility with weekly pay may help more than you realise. People are avoiding putting their heating on and trying to use less water over the month, wellbeing needs to improve. Getting paid once a week, even if it helps lift some of the strain of the crisis, is worthwhile.
A Growing Question
With Gen Z starting to flood the workforce and hourly working becoming more common, weekly payroll is a growing question on people’s minds. Hourly workers’ days can change from day to day. They’ll take whatever hours they can get their hands on. They may work 5 hours one day then 8 the next. Employers need a facility to be flexible with their payments to keep up with the increasing demand of paying employees weekly.
Gen Z wants money in their pocket as soon as they earn it. They’re used to having everything quickly, having grown up in a world where on-demand television and next-day delivery are the norms. They see their wages as falling into the same category. So, with Gen Z entering the workforce, some common questions need answering – When is payday? How soon can I get paid? Employers should be able to meet these demands.
IGsend & Weekly Payroll
Paying employees weekly should be an option for businesses. It’s so easy to do and the weekly payroll benefits are immense for the employer as well as the employee. IGsend enables you to process payroll payments 24/7, 365. With IGsend, the possibility of putting together a weekly payroll programme is quick and simple. If weekly payroll appeals to you, feel free to reach out to us and we would be happy to explain how we can make weekly payroll payments much more straightforward for your business.